We have seen the expected test of 1.4985 (the low was seen at 1.4980). We are now looking for a clear break above the minor resistance line near 1.5105 and more importantly a break above resistance at 1.5168. The next strong rally higher to 1.5380 and above will finally confirm that the long-term correction from 1.9023 completed with the test of 1.4812 and a new impulsive rally is building. The next target to look for above 1.5380 is seen at 1.5516 and 1.5764 as the next upside targets.
We have bought EUR at 1.5000, stop is placed at 1.4950. If you are not long EUR yet, then buy a break above 1.5105 and use the same stop at 1.4950.
The material has been provided by InstaForex Company – www.instaforex.com
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